Fannie Mae
After a roughly decade-long hiatus, I've been feeling a resurgent interest in macro-economics (probably spurred by my morbid search for evidence that the world is going to hell in a handbasket). In particular, I'm trying to sort out the details of the relationship between currency, commodities, and overall market activity. Don't really have much to talk about just yet (mainly on account of not wanting to mislead my readership with inaccurate information), but here's an interesting factoid:
Fannie Mae, one of the largest mortgage lenders in the U.S. (and hence, if I understand this stuff halfway correctly, one of the biggest sources of liquidity for that country), hasn't filed an income statement since 2004. This, despite the requirement that they do so AND an accounting scandal in the same year! Did anyone notice that the U.S. housing market is in the process of imploding?
So here's the question: Are we seeing the beginnings of a scandal that would make Enron look like a convenience store going into foreclosure? And if so, who's going to be the primary victim of all of this? Any bets that it might be those who got conned into buying crappy homes that they couldn't afford with sub-prime "creative" mortgages?
Fannie Mae, one of the largest mortgage lenders in the U.S. (and hence, if I understand this stuff halfway correctly, one of the biggest sources of liquidity for that country), hasn't filed an income statement since 2004. This, despite the requirement that they do so AND an accounting scandal in the same year! Did anyone notice that the U.S. housing market is in the process of imploding?
So here's the question: Are we seeing the beginnings of a scandal that would make Enron look like a convenience store going into foreclosure? And if so, who's going to be the primary victim of all of this? Any bets that it might be those who got conned into buying crappy homes that they couldn't afford with sub-prime "creative" mortgages?